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Pirates Incorporated had the following balances at the beginning of September.    PIRATES INCORPORATED Trial Balance...

Pirates Incorporated had the following balances at the beginning of September.
  

PIRATES INCORPORATED
Trial Balance
September 1
Accounts Debits Credits
Cash $ 5,000
Accounts Receivable 1,000
Supplies 6,100
Land 9,700
Accounts Payable $ 6,000
Notes Payable 1,500
Common Stock 7,500
Retained Earnings 6,800
Totals $ 21,800 $ 21,800

The following transactions occur in September.

Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 11). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.

September 1 Provide services to customers for cash, $3,200.
September 2 Purchase land with a long-term note for $4,900 from Crimson Company.
September 4 Receive an invoice for $350 from the local newspaper for an advertisement that appeared on September 2.
September 8 Provide services to customers on account for $4,500.
September 10 Purchase supplies on account for $1,000.
September 13 Pay $2,500 to Crimson Company for a long-term note.
September 18 Receive $3,500 from customers on account.
September 20 Pay $750 for September's rent.
September 30 Pay September's utility bill of $1,250.
September 30 Pay employees $2,500 for salaries for the month of September.
September 30

Pay a cash dividend of $1,000 to shareholders.

Solutions

Expert Solution

Journal Entries
Date Particulars Debit Credit
01-Sep Cash $ 3,200.00
To Service Revenue $ 3,200.00
02-Sep Land $ 4,900.00
To Notes Payable $ 4,900.00
04-Sep Advertising Expense $    350.00
To Accounts Payable $    350.00
08-Sep Accounts Receivable $ 4,500.00
To Service Revenue $ 4,500.00
10-Sep Supplies $ 1,000.00
To Accounts Payable $ 1,000.00
13-Sep Notes Payable $ 2,500.00
To Cash $ 2,500.00
18-Sep Accounts Receivable $ 3,500.00
To Cash $ 3,500.00
20-Sep Rent Expense $    750.00
To Cash $    750.00
30-Sep Utilities Expense $ 1,250.00
To Cash $ 1,250.00
30-Sep Salaries Expense $ 2,500.00
To Cash $ 2,500.00
30-Sep Dividends $ 1,000.00
To Cash $ 1,000.00

ekkarill92 answered 2 years ago
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